Great Lakes Advisors LLC cut its stake in shares of salesforce.com, inc. (NYSE:CRM) by 43.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,415 shares of the CRM provider’s stock after selling 9,559 shares during the period. Great Lakes Advisors LLC’s holdings in salesforce.com were worth $1,843,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in CRM. Bray Capital Advisors increased its position in shares of salesforce.com by 0.3% in the third quarter. Bray Capital Advisors now owns 23,420 shares of the CRM provider’s stock worth $3,476,000 after purchasing an additional 65 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in salesforce.com by 4.6% in the third quarter. Chicago Partners Investment Group LLC now owns 1,472 shares of the CRM provider’s stock worth $218,000 after acquiring an additional 65 shares during the period. Citizens Financial Group Inc RI lifted its stake in salesforce.com by 21.9% in the third quarter. Citizens Financial Group Inc RI now owns 379 shares of the CRM provider’s stock worth $56,000 after acquiring an additional 68 shares during the period. Allred Capital Management LLC lifted its stake in salesforce.com by 1.6% in the second quarter. Allred Capital Management LLC now owns 4,494 shares of the CRM provider’s stock worth $692,000 after acquiring an additional 71 shares during the period. Finally, Clear Perspective Advisors LLC lifted its stake in salesforce.com by 4.6% in the second quarter. Clear Perspective Advisors LLC now owns 1,646 shares of the CRM provider’s stock worth $250,000 after acquiring an additional 72 shares during the period. Hedge funds and other institutional investors own 74.11% of the company’s stock.
In related news, CAO Joe Allanson sold 167 shares of salesforce.com stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $154.07, for a total value of $25,729.69. Following the completion of the sale, the chief accounting officer now directly owns 30,958 shares in the company, valued at approximately $4,769,699.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Marc Benioff sold 10,000 shares of salesforce.com stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $143.99, for a total value of $1,439,900.00. The disclosure for this sale can be found here. Insiders have sold 250,199 shares of company stock valued at $38,077,197 over the last 90 days. Corporate insiders own 5.50% of the company’s stock.
A number of brokerages recently commented on CRM. Compass Point set a $193.00 price target on salesforce.com and gave the stock a “buy” rating in a research note on Friday, August 23rd. Monness Crespi & Hardt raised their price target on salesforce.com from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Evercore ISI reissued a “buy” rating and set a $190.00 price objective on shares of salesforce.com in a research report on Tuesday, November 12th. TheStreet lowered salesforce.com from a “b” rating to a “c” rating in a research report on Thursday, August 22nd. Finally, OTR Global raised salesforce.com to a “positive” rating in a research report on Thursday, August 15th. Three research analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $185.60.
Shares of NYSE:CRM opened at $163.21 on Friday. salesforce.com, inc. has a 1-year low of $113.60 and a 1-year high of $167.56. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.97 and a quick ratio of 0.97. The business has a fifty day moving average price of $151.89 and a 200-day moving average price of $153.22. The company has a market capitalization of $142.99 billion, a PE ratio of 112.56, a PEG ratio of 6.90 and a beta of 1.22.
salesforce.com (NYSE:CRM) last issued its quarterly earnings results on Thursday, August 22nd. The CRM provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.57. salesforce.com had a return on equity of 7.26% and a net margin of 6.45%. The firm had revenue of $4 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same period last year, the company earned $0.71 earnings per share. The company’s revenue was up 21.8% on a year-over-year basis. On average, sell-side analysts anticipate that salesforce.com, inc. will post 1.26 earnings per share for the current fiscal year.
salesforce.com Company Profile
salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.
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